Opinions/Experience with Hargreaves Lansdown?

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  • le_loup
    le_loup Posts: 4,047 Forumite
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    Chordeiles wrote: »
    In this morning's post comes a reminder of something else you'll need to endure with HL, the "hard sell" of financial advice.

    Of course it's really hard to throw away the odd piece of junk mail every quarter.
    Victor Meldrew got it so right.
  • DennisTenus
    DennisTenus Posts: 483 Forumite
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    Well I am already a customer of HL, but thanks to the advice here I won't be putting all my eggs in one basket (with HL) so the fees won't get too high. I have also spoken to a FA and combined advice formulated what i'm going to do. Just haven't completely decided which provider to move my cash ISA to yet (I'm doing lots of reading too).

    Thanks all
  • DennisTenus
    DennisTenus Posts: 483 Forumite
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    le_loup wrote: »
    Of course it's really hard to throw away the odd piece of junk mail every quarter.
    Victor Meldrew got it so right.

    Haha :rotfl:
  • badger09
    badger09 Posts: 11,211 Forumite
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    DennisTenus wrote: »
    Well I am already a customer of HL, but thanks to the advice here I won't be putting all my eggs in one basket (with HL) so the fees won't get too high. I have also spoken to a FA and combined advice formulated what i'm going to do. Just haven't completely decided which provider to move my cash ISA to yet (I'm doing lots of reading too).

    Thanks all

    I hope you mean an IFA:cool:
  • DennisTenus
    DennisTenus Posts: 483 Forumite
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    badger09 wrote: »
    I hope you mean an IFA:cool:

    Yep :j

    ..............
  • Chordeiles
    Chordeiles Posts: 164 Forumite
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    le_loup wrote: »
    Of course it's really hard to throw away the odd piece of junk mail every quarter.
    Victor Meldrew got it so right.
    I don't believe it ! This piece of paper can't be thrown away, it should be framed and placed in a black museum of financial misinformation.:(

    Seriously (but not very), from the conclusion they arrived at from this statistical nugget, I doubt if I would trust them to give me financial advice. The data (folks who take financial advice are £40,000 better off) has been abused to show a particular outcome that suits them (my wife needs financial advice from them). Applying the same logic to financial advice could result in a recommendation for a bunch of their "Multimanager Funds" where one has the pleasure of paying fees to them as well as regular fund managers. Is this what happens ? Anyone here ever take advice from HL ?
  • pip895
    pip895 Posts: 1,178 Forumite
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    edited 29 October 2017 at 10:04AM
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    Only when I can get it free;)

    I've been reasonably impressed but they are limited to recommending funds in the 150 I believe. It's not that much of an issue in practice in that allocation between sectors is far more likely to affect your returns and the 150 funds are generally OK - they don't appear to have an agenda to push their own multi manager funds.

    My recommendation to the OP is don't get to hung up on saving 0.2% on fees after all leaving that cash of yours in a cash isa for the last couple of years, probably cost you around 100x as much, compared to having put it in something like VLS80 (a fund very frequently recommended to investors like youself on this forum)

    For a small isa or SIPP HL are just fine. Worrying about fees in 5 years time once your pot has grown is pretty futile - who is to say HL, iWeb or who ever are going to have the same fees then or in the case of some of the smaller outfits still exist?
  • snowqueen555
    snowqueen555 Posts: 1,521 Forumite
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    The fees are acceptable to me right now, the difference between paying 0.45% and 0.25% is not worth the hassle of changing, I am a long way off the point where it would make me change.

    I have their LISA and also S&S ISA.

    Other than that I do like their platform.

    On the downside, they are atrocious for shares/ETFs, the fees are out of this world. I learned my lesson and use Degiro instead.
  • Plus
    Plus Posts: 433 Forumite
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    If you think they're useful, there's a cunning way to get access to HL's tools without paying HL's prices. That's have two accounts.

    Let's say you have 100K. You can have 10K at HL and 90K at iWeb. You can use HL's website for research, their [STRIKE]spam[/STRIKE] valuable newsletters for education, their pretty portfolio tools for analysis, etc. Every time you make a trade you do the same trade at HL and at iWeb.

    At iWeb a trade will cost £5, at HL it'll be free. HL will cost £45 per year while iWeb has no annual fee. Compare that with having the whole pot at HL which will be £450 per year. £405 difference buys you a whole lot of £5 trades. It's akin to buy sample products to taste at Waitrose and then buying a pallet of the ones you like at the cash and carry.

    If you don't like iWeb, the scheme works for any other cheaper broker.
  • DennisTenus
    DennisTenus Posts: 483 Forumite
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    pip895 wrote: »
    My recommendation to the OP is don't get to hung up on saving 0.2% on fees after all leaving that cash of yours in a cash isa for the last couple of years, probably cost you around 100x as much, compared to having put it in something like VLS80 (a fund very frequently recommended to investors like youself on this forum)

    Exactly, it's not a major issue but I do want to transfer my cash ISA to a S&S ISA with lower fees given it's value. I'm still not sure where though. HL is very easy to use and understand.

    Surprised you suggest VLS80 .... there's another thread I've seen on this forum which goes on for pages and pages where people seem to not be very happy with them! I know there is always some people not happy but that seems to be the general consensus.
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